Intraday bias in USD/CHF remains on the downside for the moment. Current decline from 0.9971 should extend through 0.9 psychological levels to 0.8930 key level next. On the upside, break of 0.9420 minor resistances is needed to indicate short term bottoming. Otherwise, outlook will stay bearish even in case of recovery.

In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistances (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Break of 0.9420 confirmed reversals and should at least bring decline to 38.2% retracement of 0.7065 to 0.9971 at 0.8861. In case of rebound, we'd expect upside to be limited below 0.9971 and bring another fall.

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